Bitcoin Stable At $11K – Altcoins In Green: The Calm Before The Strorm?

[kolbalish]

BTC has remained calm in the past 24 hours, with minor gains towards $11,100. Unlike the primary currency, the altcoin market has seen impressive gains, including yesterday’s birthday project – Ethereum and Chainlink.

Although the US economy suffered its worst quarter since the Second World War in terms of GDP results, Wall Street is breaking records, especially in the technology field.

Bitcoin: Back to Stability?
The primary cryptocurrency remained relatively stable in the past 24 hours. Bulls intercepted a small price dive to $10,800 (Binance) and pushed the asset towards an intraday high near the $11,200 resistance. However, BTC couldn’t maintain its past days’ run and retraced slightly to the current level of $11,100.

If Bitcoin is to reach the psychological level of $12,000, it has to overcome two significant resistance lines, firstly at $11,300 and then the notable 0.5 Fibonacci level at $11,400 (the current 2020 high). Alternatively, $10,800 and $10,500 (prior 2020 high) will serve as support if BTC attempts a dive.

Full article is here to read and know more, https://cryptopotato.com/bitcoin-stable-at-11k-altcoins-in-green-the-calm-before-the-strorm/?amp

[rdbase]

Some were saying it rose all the way up to $11.450 but not any further than that.
It does look stable at $11,000 and won't dip below this until the next pump up comes with maybe a tweet from a celebrity or another fork happening.

[jackg]

Some were saying it rose all the way up to $11.450 but not any further than that.
It does look stable at $11,000 and won't dip below this until the next pump up comes with maybe a tweet from a celebrity or another fork happening.

Yeah it's just consolidating and has been for about 36 hours now afaik.

Most speculators are probably waiting for us to drop out of oversold terratory on the rsi and stoch rsi before they have the confidence to invest. Hopefully this'll be a good excuse to test the 10500 support again and get a rejection to the upside but it wouldn't be unhealthy to just make another leg up to 13-14k...

Troll drops may also be likely if someone trys to offload here if its made news somewhere and they've just been holding and forgetting about it.

[BrewMaster]

the times like this are usually good for shitcoins. the times that bitcoin price has a big rise in a short time (a couple of days in this case) that causes the shitcoins to dump but then bitcoin stabilizes and that means shitcoins can pump specially since they had that dump.

[el kaka22]

I do not think that this current bull run was triggered by just one thing, it was probably combination of many things together. Like for example could it be late effect of halving? Sure it could be, and I am 100% sure that played a bit of role. Could it be new input of money from Indians? Why not it totally can be, I am 100% sure it played a bit of role. I believe everything positive combined together plays a role in this increase, not just one thing could increase the price of bitcoin, but when many good things get together, it makes it go up like crazy and be above the sellers amounts.

Obviously this could continue for a very long time and break the ATH prices, or it could drop tomorrow back to $9k, it all depends on how much hyped the buyers are and how much more they are willing to put into the market. So, being stable around $11 is not at all possible as far as I know how BTC markets do react after a bull run which includes breaking of major resistance levels.

[rhomelmabini]

It has been on long accumulation on the $9k phase and still I'm looking bullish. Let that 12k be the resistance.

I thought that OP was the one who made a good analysis here, apparently it was from an article, still, thanks for sharing.

[fabiorem]

In my view, bitcoin should stay in this level for some time, between 11k and 13k, for stabilization, then resume the way up.

[snipie]

In my view, bitcoin should stay in this level for some time, between 11k and 13k, for stabilization, then resume the way up.

This requires generally a long consolidation period, couple of weeks or even months, but definitely possible!
I am always sceptical about fast rising and expect a dump just after it. Didn't expect we pass $11k and even to stay there for that long! We will see!

[The Sceptical Chymist]

It's way too early to tell what's really happening in the crypto markets.  Bitcoin does have a tendency to rise abruptly and then stall out for a while before breaking to the up- or downside.  My personal feeling is that bitcoin is going to be at a higher price at the end of the year than it is now.  2020 started off very strong, and then the COVID-19 thing happened.  To me it just looks like bitcoin is resuming its trajectory, and altcoins are going along for the ride.

The altcoin market might be collectively in the green, but I'd be careful about what you're buying if that's your thing.  I'd stick to the higher-quality coins like ETH and the like and avoid some of the really bad ones (which make up the majority).

[fabiorem]

In my view, bitcoin should stay in this level for some time, between 11k and 13k, for stabilization, then resume the way up.

This requires generally a long consolidation period, couple of weeks or even months, but definitely possible!
I am always sceptical about fast rising and expect a dump just after it. Didn't expect we pass $11k and even to stay there for that long! We will see!

If it stays three months in this range, the recovery will be consolidated, and the bull market can start. Then it will be 50k next year, unless we have C20.

[TopTort777]

Can someone explain what news cause this one week price growth? It cant be that if grew by itself.

People say “if we pass this resistance level will go there or there” - what is resistance level we need to pass to continue to grow, or fail and will go down?

[LUCKMCFLY]

Whenever Bitcoin is in a short-term bullish trend it substantially benefits altcoins, as they depend directly or indirectly on Bitcoin. For now, the outlook is excellent for the purchase and wait for it to continue rising, however there is no need to rush, it may continue at this rate or apply a slight stabilization.

Caution should be exercised, although investing in Bitcoin is always going to be a long-term gain. Altcoins are typically much easier to fall off on any Bitcoin movement change.

[DevilSlayer]

Can someone explain what news cause this one week price growth? It cant be that if grew by itself.

People say “if we pass this resistance level will go there or there” - what is resistance level we need to pass to continue to grow, or fail and will go down?

The price of the bitcoin have parabolic move in these past days were it is currently surpass the current resistance at $11400, the current price of the bitcoin is now at $11677 and the next major resistance is at the $12300. As long as thr price will hold at $11000, expect that the price of the bitcoin will become more expensive. Even though there is still momentum, we should still be careful especially if the trend snaps.

[Oasisman]

2020 started off very strong, and then the COVID-19 thing happened.  To me it just looks like bitcoin is resuming its trajectory, and altcoins are going along for the ride.

Good observation man, I also thought the same when I've read your comment.
The start of 2020 is really strong for the bullish speculators as well as for the Bitcoin believers. That's all because of the most anticipated Bitcoin block halving. It had a good upward momentum since a lot of people are accumulating to ride with the halving hype until it was interrupted by the pandemic. Now, I guess most investors are now returning to the market after being broken financial during the critical stage of the pandemic.

Anyway, Btc is trading at  around $11,600 by the moment Im typing this, and it's heading it's way to a new resistance level after breaching the $11,400. It seems that Btc is going strong these past couple of days.

[batang_bitcoin]

the times like this are usually good for shitcoins. the times that bitcoin price has a big rise in a short time (a couple of days in this case) that causes the shitcoins to dump but then bitcoin stabilizes and that means shitcoins can pump specially since they had that dump.

Yeah.
Usually the altcoin's kingdom will get to notice the pump for their altcoins instead of noticing the great performance of bitcoin during this time. I don't understand them why they are looking far if the best is in front of them.
Meanwhile, bitcoin just got to $11,600.

[Coin_trader]

Can someone explain what news cause this one week price growth? It cant be that if grew by itself.

People say “if we pass this resistance level will go there or there” - what is resistance level we need to pass to continue to grow, or fail and will go down?

The price of the bitcoin have parabolic move in these past days were it is currently surpass the current resistance at $11400, the current price of the bitcoin is now at $11677 and the next major resistance is at the $12300. As long as thr price will hold at $11000, expect that the price of the bitcoin will become more expensive. Even though there is still momentum, we should still be careful especially if the trend snaps.

I don't see any parabolic in price of BTC, Maybe you are using short time frame on your graph but in general using 1D timeframe, BTC price spike is very sharp and very alarming, It needs to correct a bit or else this will result to major price fall once Bulls exhausted. The only good thing for crypto are many countries are showing positive position in legalising cryptocurrency which might result to the real mass adoption.

[LAngel]

obviously the main factor has been the sharp decline in the dollar vs gold and on fx markets
but this has pushed bitcoin comfortably over the psychological 10k which opens up much higher prices

im all-in OMG token its the best deal in crypto rn

[exstasie]

obviously the main factor has been the sharp decline in the dollar vs gold and on fx markets
but this has pushed bitcoin comfortably over the psychological 10k which opens up much higher prices

The primary reasons risk assets (stocks, gold, silver, BTC, altcoins) are rallying:

• Fed QE
• Fiscal stimulus
• Investors pricing in Fed policy
• Investors pricing in inflation possibilities

They fell together in March, now they are recovering together. The USD falling against other currencies probably has some secondary correlative relationship but I don't think it's the primary cause.

im all-in OMG token its the best deal in crypto rn

Daily and weekly OMGBTC charts are ugly. Altcoins will probably bleed against BTC until this short term BTCUSD rally ends.

[Taskford]

The market seems to test new high for this year as it has crossed 11650$ now. Initially it was struggling a bit to cross 11k levels as well as was testing and falling back again but now it has moved from those levels and seems it can reach 12k in coming time. Gradually rising is much better than those steps rise and then falling much later.

The gradual rise gives hope to the investors to see a good insight in future and $12k is reachable in future since if we look on the situation today the people mindset are in good state they are looking for bitcoins to fly high more and this is a good sign that people are in positive long term outlook on the current happening. Maybe in this month we can see the number rise and $12,000 will come or even it could surpass to the speculated figures.

[Yaunfitda]

In my view, bitcoin should stay in this level for some time, between 11k and 13k, for stabilization, then resume the way up.

If not for the pandemic, maybe we are in the $14k range.
We have broken $11.3k-$11.4k resistance, as the price zoom in at $11.6. But we are in the critical level as we are going to face another big psychological barrier which is $12k. If the current price is not sustainable, we might see some pullbacks again. But I don't think that we are going below five digits again. So we will have to see, it's already weekends anyways, some traders might take a rest because it's been a hectic week.